Most bitcoins were mined when their price was below 50 bucks. There are millions of them.
Do you understand what means?
It means this whole thing can go to zero and halvening don't really mean shit. There is no bottom. No TA.
You are right that BTC has no bottom. No TA, it can go zero anytime but I don't agree that most of the bitcoins were mined under $50 price of BTC doesn't necessarily mean that all these mined bitcoins are
not moved. Other people have valued these BTCs more higher than $50 and it's not $50 for them.
I don't have idea about how many BTC isn't moved 2013 (Would appreciate if anyone shared a tool to check if available.), depending on that stats, I don't think these will be a couple of millions. I assumed the figure and the opinion is from that assumption. Correct me if I'm wrong.
It doesn't matter that much. Many of those coins are already "lost" forever or in very strong hands. In the second choice, we are talking about hodlers that have had the opportunity to sell at this and way higher prices already... and probably they have already extracted as much FIAT as they wanted, so they don't really NEED to sell now at suboptimal prices.
Most of the selling we always see are usually just weak hands, people that needs the money or that simply just realise how much overinvested they really were.
Also in a liquidity crisis some of those hodlers might want to go bargain hunting stocks or other commodities so it is completely natural that BTC price also dumps to the point were they risk/profit ratio is again better than that one of stocks.
In a situation like this, cash is king short term... Althought you don't want to stay on it when the recovery starts as it will be left way behind. When that happens, some will go to stocks, some to BTC, etc... until everything rebalances again.
Past production/acquisition costs (like $50 per coin) are a thing of the past. I bought my first coin at around 50€. Yet that figure is now completely irrelevant to me after having had plenty of opportunities over the years to sell it for thousands... and even having bought others for thousands instead. So that's how much I value my coins.
Would I sell for less if I really *NEEDED* it? Probably... if I really can't avoid it.
I am sure someone with heaps of those $50 coins is not in much need. Even though, some will sell... and some others will buy. As it has always been.
